Shared Ownership is just one of the schemes aimed at helping you buy your first home. So even if Shared Ownership isn’t right for you, we may still be able to help you through one of the schemes detailed below.
If you can offer a deposit of 5% of your home’s total value then the government will boost your deposit with a loan of up to 40% of the total cost of the property. This effectively means you have a larger deposit to buy a home. Your mortgage will make up the other 55%.
With the larger deposit available to you under the London Help To Buy scheme, you should be able to get a lower interest on your mortgage. This gives you more flexibility in your repayment and makes it easier to obtain a mortgage agreement. Help To Buy also means that you won’t have to take out an expensive 95% mortgage. You won’t need to pay interest on the government’s equity loan for the first five years.
The scheme is available on new build properties valued up to £600,000 to all UK residents, of any age, within the 32 London boroughs and the City of London.
London Living Rent is for middle-income households who are currently renting and want to build up savings to purchase their home. With London Living Rent, tenants rent their home at a subsidised rate – helping them to achieve their savings goal sooner.
Who is eligible?
If you are interested in renting an LLR property, you must meet the following criteria:
– You must already be renting in London
– Your household income cannot exceed £60,000
– You don’t currently own your own home
– You are currently unable to buy a home (including through Shared Ownership) in your local area